Consumer confidence in Australia tumbled in June, the latest survey from Westpac Bank and the Melbourne Institute showed on Wednesday – erasing all of the positive sentiment that was garnered in the previous month with the release of the latest government budget.
The Westpac index sank 6.9 percent in June to a score of 95.3, the bank said. That follows the 6.4 percent spike in May to 102.4.
“It now appears that last month’s surge of optimism was a brief relief rally,” Westpac senior economist Matthew Hassan said in a release accompanying the data.
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